You know the event. There's a rooftop, a random DJ that’s more into dance moves than the track list, and a tray of some  fancy little bites served on a spoon. The new watch is in a glass case across the room, and the one person who could tell you how the movement works is stuck talking to a guy that’s holding two drinks. You head home with a tote bag and roughly the same amount of knowledge about the new watch that you arrived with. For quite some time, that was how brands handled collectors and watch launches, and it worked, more or less. When the most hyped watches were difficult to get, an invitation to an event felt like a step toward the front of the queue. That dynamic has changed. Secondary market prices have come a long way down from their early 2022 peak, waitlists for many watches have shortened, and collectors have noticed that they have more leverage than they used to.